Category Archives: Banking & Finance

Confessions of a Famous Fraudster: How and Why Social Engineering Scams Work

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In a world in which bad news dominates, social engineering scams that carry a promise of good news can be incredibly lucrative for cyber criminals.  In one recent example, fraudsters set up a phony job posting using a real recruiter as the contact person for the hiring process. Applicants hoping for a chance at the […]

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Ursnif Leverages Cerberus to Automate Fraudulent Bank Transfers in Italy

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Contributed to this research: Segev Fogel, Amir Gendler and Nethanella Messer.   IBM Trusteer researchers continually monitor the evolution and attack tactics in the banking sector. In a recent analysis, our team found that an Ursnif (aka Gozi) banking Trojan variant is being used in the wild to target online banking users in Italy with […]

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Learning the Building Blocks for Your CIAM Framework Part 3: Manage

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Imagine being able to manage hundreds of millions of IDs and process billions of logins and other transactions per day. That’s what you can achieve for your organization by using consumer identity and access management, or CIAM. At the same time, your users can manage their data themselves by having a CIAM system ready to […]

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Learning the Building Blocks You Need for Consumer Identity and Access Management Part 2: Engage

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Some online experiences are so bad that 25% of users abandon an application after first use and never return. To avoid this retention problem, you should offer better engagement to your customers during their authentication and authorization process. Engage is the second of four building blocks essential for successful consumer identity and access management, or […]

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Learning the Building Blocks of Your CIAM Framework Part 1: Capture

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Ever been on a website, ready to check out, only to encounter multiple fields to fill at once? Did the process frustrate you and make you close the page without completing your transaction? Such experiences and the resulting loss of customers could be happening to your business. That’s why you need better consumer identity and […]

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Synthetic Identity Theft: When Everybody Knows Your Name

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You probably have a place where everyone knows your name — and maybe your address and your birthday and your favorite drink. That place could be your favorite restaurant, your office or your grandma’s house. It doesn’t matter where that place is; when everyone in the room greets you by name, it gives you a […]

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What is Ghimob Malware?

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A new Android malware strain ‘Ghimob’ is mimicking third-party mobile (mainly banking) apps to spy and steal user data when downloaded and installed. This Trojan virus steals data from users, primarily targeting online banking and cryptocurrency. As of the end of 2020, it is believed to siphon data from more than 153 apps by asking […]

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Self-Assessment: How Can You Improve Financial Services Cybersecurity?

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It’s common knowledge that threat actors target banks. Not only might these attackers want to directly steal money, by doing this they’re also hitting the customers and the trust in the bank. If a financial institution suffers a loss, even insurance can only go so far to minimize the actual cost to the organization. The cost […]

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